
Back in growth mode
The gear has shifted at Mumbai’s Mint Street from neutral to a mild pick-up. The Reserve Bank of India on Tuesday held its policy interest rates but loosened the hold on cash, signalling a bias towards growth after pursuing a tight money regime for 21 months.
RBI governor Duvvuri Subbarao left unchanged the repo rate and the reverse repo rate (the rates at which the central bank offers cash to commercial banks or sucks out excess liquidity) but injected Rs 32,000 crore by lowering the cash reserve ratio (CRR) — the share of deposits banks must park with RBI — by 0.5 percentage points to 5.5 %.

RBI lowered growth projection for 2011-12 to 7% from 7.6% in view of global slowdown and domestic policy constraints and left its wholesale price index inflation target unchanged at 7% for 2011-12.
“Based on the current inflation trajectory, including consideration of suppressed inflation, it is premature to begin reducing policy rates,” said RBI. “The reduction in the policy rate will be conditioned by signs of sustainable moderation in inflation.”

Sensex breaches 51,000, Nifty above 15,100
- BSE Sensex was breached 51,000 on the upside, while the broader Nifty 50 index was ruling above 15,100.

Gold prices fall closes to 10-month low at ₹45,304 per 10 gm

Petrol and diesel prices in your city on March 3, check here

OPEC oil has advantage over US shale during pandemic recovery
- Prior to the pandemic-induced downturn, OPEC countries led by Saudi Arabia restrained their production. Shale drillers took advantage, boosting US output to a record 13 million barrels a day.

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Jio buys most 4G spectrum as bids exceed govt expectations
- Reliance Jio Infocomm Ltd, India’s largest telco, emerged as the top bidder, cornering roughly three-fourths of the spectrum sold in the two-day event.

Global airlines body says airlines faced crisis in January

Cess, surcharge shares doubled to 19.9% in FY 20-21: Report

BRICS bank grants over USD 1 billion Covid-19 assistance loan to China

Gold price drops to ₹44,760 per 10 gram, silver down too

Exports dip marginally in February; trade deficit widens to USD 12.88 billion

EPFO may declare interest rates on EPF deposits for 2020-21 on March 4
- In March 2020, EPFO had reduced the interest rate on provident fund deposits to a seven-year low of 8.5% for 2019-20. The interest rate was 8.65% in 2018-19 and 8.55% for 2017-18. The interest rate was 8.65% in 2016-17.

Spectrum auction ends with ₹77,815 cr bids; Jio top buyer with ₹57,122 cr
